Chapter 440: The turning point
As the size of funds increases, the contribution of some stocks with huge short-term gains but small total share capital to the overall returns of the fund is no longer so obvious.
Holding at a low position can indeed bring certain returns, but it will also appear very eye-catching.
A fund manager who is able to hit the hot stocks every year seems to be somewhat evil.
For fund managers who manage large amounts of money, the most common approach is to honestly embrace the leaders of major industries.
Even if these stocks suffer losses, investors will be relatively more tolerant.
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After the trading started, hot sectors such as Ningwang concept took turns to perform. Affected by the weekend events, the agricultural products sector began to rise sharply today.
At 10 o'clock, securities and technology stocks started at the same time, leading the Shanghai and Shenzhen stock markets to rise.
In the first hour of trading in April, A-share trading was brisk and investors seemed unaffected by the negative events over the weekend.
At 10:30, semiconductor concept stocks exploded across the board, with leading stocks being the first to hit the daily limit, and individual stocks in the sector followed suit and rose in a straight line.
This is the biggest feature of technology stocks, their ups and downs are huge, and the rise is very violent.
Most technology stocks are currently concentrated in the ChiNext, and in the future, more semiconductor companies will be listed on the Science and Technology Innovation Board.
The future structure of the ChiNext will change with the listing of Ningwang, becoming a gathering place for new energy and medicine.
The ChiNext Index, influenced by the rise of technology stocks, quickly rose; at 11 o'clock, the ChiNext Index, which had filled the gap, was reported at 1918.22 points, continuing to refresh the high point since this round of rebound.
The intraday increase has also reached more than 1%.
While theme concept stocks are hot, blue chip stocks continued to weaken today. The Shanghai Composite 50 sector, which opened high in the morning due to the influence of the broader market, continued to open high and close low, with a very large decline.
At the beginning of the year, the style switched from the previous blue-chip stocks to the current theme stocks, which made some investors who had been jumping back and forth seem extremely uncomfortable.
Most of the trapped investors have begun to doubt value investing at this point, and have started to think about whether to cut their losses and leave the market.
The trading sentiment in Luzhou and Shenzhen stock markets in the morning was actually quite good overall, except for the blue-chip stocks.
However, the volume has not been able to break through. Whether the ChiNext can break through 1,900 points and stabilize, the volume is very critical.
After all, there is not much incremental funds in the market at present, and it is just a game between existing funds.
Most of this batch of funds that are used to boost sectors such as technology and medicine are simply funds that have fled from previous blue-chip stocks.
This is the case with Junshi Group’s funds.
Today, the operating strategy of Junshi funds is still to reduce holdings in technology stocks. After the policy was introduced, it can be said that the expectations of the first stage have been achieved.
Stock speculation is more about speculation on expectations.
In March, the overall performance of the net value of the two funds disclosed by Junshi Group was quite good. Junshi No. 2 increased its net value to 1.5477 with an overall increase of 1.65%.
Junshi Value Investment, which has a heavy position, was affected by the surge in technology stocks and increased its net value to 2.7299 with a monthly increase of 5.5%, setting a new record for Junshi Value Investment's highest point of the year.
In March, when the market surged, Junshi Price Investment's overall scale once again returned to the size of a 10 billion fund. The limit had been in place for four months, but it seemed to have no effect.
Except for some large investors with around 2 billion yuan in assets who actually ran away, the rest were as if nothing had happened.
This data made Gu Junhao somewhat speechless. After four months of hard work, ordinary investors seemed to have no reaction to the abnormal limit of Junshi Price Investment.
A-share investors claim to know everything about astronomy and geography, but they just can’t see the trend of the stock market clearly.
In the afternoon, the three major indexes, whose trading volumes could not keep up, all rose and fell without exception. The surge in the morning was really too fierce, and they could not keep up in the afternoon.
The A-share market was a scumbag. It surged in the morning and fell back in the afternoon, and the impact on the index was still very obvious. As of the close, the three major indexes of the Shanghai and Shenzhen stock markets all fell and closed lower.
The first trading day of April officially ended with such a high-level closing trend.
At night, foreign market transactions fell sharply again. For US stocks and A shares, which have had a very obvious linkage recently, the sharp drop in the night market is a very bad signal for tomorrow's trading.
On April 2, affected by the sharp drop in the night session, the Shanghai and Shenzhen stock markets, which had risen and fallen yesterday, opened lower across the board, and the three major indexes all fell.
When the stock price jumps down from a high level, running away is the first factor. This has always been an important discipline that is difficult to change in A-share trading.
At the end of the day's trading, the ChiNext Index, which has been strong recently, fell again by 1.46% today after closing down yesterday, and the Shanghai Composite Index also fell by nearly 1%.
The bearish sentiment over the weekend lasted only half a day; it came and went quickly.
On Wednesday, April 4, all three major indexes closed in the red again, all daily trends were broken, and the A-share trend officially began to weaken.
In the following trading days, the two markets, which were hit by a cold market, seemed much duller and trading volume dropped again.
Except for some concept stocks related to recent events that are still maintaining hype sentiment, most sectors, especially blue-chip stocks, remain in a downward trend.
The timeline came to April 12, and the news related to the incident between the two parties was updated again. The affected A-shares opened low and continued to fall that day. The 3,200 points that they had finally climbed up were broken again.
The next day, the Shanghai Composite Index closed in the red again, falling below the 10-day line and ending this week's trading.
By the weekend, there was no good news, and Monday was another unexpected big drop.
In three trading days, the Shanghai Composite Index fell back nearly 100 points, and the decline of individual stocks was even greater than the index. Investors who suffered losses seemed to be much more angry.
Since Junshi Price Investment's net value created a high point of 2.7299 this year, it has not set a new high in the past month, but has been constantly retreating.
Half a month later, investors who still had not recovered their investment began to complain about Gu Junhao in the comment section, and some of them even started to redeem their shares while cursing at him.
Some investors who chose to hold on even asked Gu Junhao to cancel the quota limit and allow them to cover their positions, which was somewhat confusing.
In the past, in 2017 and 2018, the fund was not very popular, but now it seems that the popularity of the fund is still acceptable.
There may be some factors related to Gu Junhao involved. Over the past few years, the internet celebrity fund managers who have appeared in the public eye from time to time have indeed increased the popularity of the industry.
Of course, if the high popularity leads to losses, there will definitely be some backlash, and Gu Junhao has already been mentally prepared for this.
No matter how they curse, it means nothing.
On the evening of April 16, a piece of news came from the other side of the Pacific Ocean late at night and quickly spread throughout the entire network with the help of mobile Internet.
In just a few hours, it topped the hot searches, shocking the investors and onlookers who were still awake.
This news will have a profound impact on A-shares, institutions such as Junshi Capital, and ordinary investors.
It is this news that officially brings A-shares into a new turning point.
What the future will be like, at this moment, no one knows.
